# Table 6b: KAOPEN Gating — Excl Financial Centers

| Variable | ExFC: gross_assets | ExFC: gross_liab | ExFC: gross_ifi | ExFC: nfa | ExFC: ca | ExFC: income_balance |
|:---|---:|---:|---:|---:|---:|---:|
| Z_1 | 36.1071 | 168.3535 | 204.4605 | -0.1022 | 0.1158 | 40.9259** |
| | (321.1699) | (314.5267) | (617.1062) | (0.2358) | (12.5195) | (15.8886) |
| Z_2 | 14.7492 | -4.5169 | 10.2323 | 0.0207 | 0.2952 | -6.3875*** |
| | (49.0883) | (48.0730) | (94.3199) | (0.0357) | (1.9027) | (2.4096) |
| Z_3 | -0.8456 | -0.1571 | -1.0027 | -0.0010 | -0.0236 | 0.2682*** |
| | (2.0498) | (2.0074) | (3.9385) | (0.0015) | (0.0786) | (0.0993) |
| Z_1_x_kaopen | 10.0825 | 65.7641 | 75.8466 | -0.2350 | 6.3131 | -14.1358 |
| | (121.8724) | (119.3516) | (234.1696) | (0.1537) | (7.6962) | (8.8250) |
| Z_2_x_kaopen | -2.6472 | -13.5754 | -16.2226 | 0.0364 | -1.1495 | 1.7550 |
| | (18.6356) | (18.2502) | (35.8071) | (0.0234) | (1.1726) | (1.3465) |
| Z_3_x_kaopen | 0.1635 | 0.6746 | 0.8380 | -0.0015 | 0.0527 | -0.0620 |
| | (0.7697) | (0.7538) | (1.4790) | (0.0010) | (0.0482) | (0.0554) |
| fiscal_bal_gdp | -0.2524 | -0.7660*** | -1.0185* | 0.0112*** | 0.5342*** | 0.0623** |
| | (0.2802) | (0.2744) | (0.5383) | (0.0011) | (0.0357) | (0.0283) |
| nfa_gdp_lag | -18.8310*** | -18.5404*** | -37.3714*** | 0.9078*** | 0.0252 | -0.6697*** |
| | (2.6869) | (2.6313) | (5.1626) | (0.0053) | (0.2329) | (0.2289) |
| log_rel_opw | -45.1661*** | -37.3640*** | -82.5300*** | 0.0027 | 2.2384*** | -3.1310*** |
| | (10.4640) | (10.2476) | (20.1059) | (0.0080) | (0.4087) | (0.5281) |
| kaopen | 11.0899** | 6.3316 | 17.4215* | 0.0095 | 0.0555 | -0.3609 |
| | (4.6815) | (4.5847) | (8.9953) | (0.0061) | (0.3029) | (0.3160) |
|:---|---:|---:|---:|---:|---:|---:|
| Dep var | gross_assets_gdp | gross_liab_gdp | gross_ifi | nfa_gdp | ca_gdp | income_balance_gdp |
| N | 4344 | 4344 | 4344 | 4342 | 4210 | 3711 |
| R² | -0.0598 | -0.0020 | -0.0334 | 0.8964 | 0.1718 | 0.1379 |
| Countries | 158 | 158 | 158 | 158 | 156 | 144 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*